CLARCOR Inc:Says that it has acquired Filter Resources, Inc., Filtration Inc. and Fabrication Specialties, Inc. related companies that manufacture and distribute filters to the petrochemical and refining industries, predominately in the Texas Gulf Coast and Louisiana region.The acquired business has annual revenue of about $20 million and will be part of CLARCOR's PECOFacet group of companies, which is included within CLARCOR's Industrial/Environmental Filtration segment.The terms of the transaction were not disclosed.
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CLARCOR Inc:Says that board has resolved to increase the company's regular quarterly dividend by about 18 pct., from $0.17 per share of common stock to $0.20 per share of common stock.Resolves to pay the new $0.20 per share dividend on Oct. 17, to shareholders of record on Oct. 10.
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Clarcor Inc:Projects FY 2014 GAAP diluted earnings per share to be in the range of $2.79 and $2.85, a $0.05 increase at the mid-point from prior FY 2014 diluted earnings per share guidance of $2.72 to $2.82.Projects FY 2014 non-GAAP adjusted diluted earnings per share to be in the range of $2.92 to $2.98.FY 2014 EPS of $2.82 - Thomson Reuters I/B/E/S.
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Clarcor Inc:Projects FY 2014 GAAP diluted earnings per share to be in the range of $2.72 and $2.82 compared with previous FY 2014 diluted earnings per share guidance of $2.60 to $2.75.Says increase in this guidance range at the mid-point was primarily driven by the Stanadyne acquisition which it expect to be accretive for FY 2014.Projects FY 2014 non-GAAP adjusted diluted earnings per share to be in the range of $2.85 to $2.95.FY 2014 EPS of $2.73 - Thomson Reuters I/B/E/S.
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Stanadyne Corp:To sell its Filtration business to Clarcor, Inc for about $325 mln.Proceeds will be used to retire debt and pay expenses related to the transaction.Closing is expected to occur in early-May.Robert W. Baird & Co. and Ropes & Gray LLP served as exclusive financial and legal advisors, respectively, to Stanadyne.XMS Capital Partners served as exclusive financial advisor and Bass Berry & Sims PLC served as lead legal advisor to CLARCOR in connection with the transaction.
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CLARCOR Inc:Entered into an agreement to acquire the filtration business of Stanadyne Corporation, a portfolio company of Kohlberg & Co., LLC, for about $325 million.Transaction is expected to close within the next two weeks.
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